Deals
China IPO Stages Stellar Hong Kong Debut Amid Biotech Craze
- Investors have been pouring into biotech IPOs in Hong Kong
- Peijia Medical’s IPO retail tranche was 1,184x oversubscribed
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A Chinese medical devices provider surged 74% in its Hong Kong trading debut on Friday in the best opening performance this year for an initial public offering over $50 million.
Peijia Medical Ltd., which produces replacement heart valve and vascular repair devices, opened at HK$26.80 versus its offer price of HK$15.36. The company raised $302 million in its IPO and is the latest biotech firm to attract strong investor demand in the financial hub as the coronavirus pandemic spotlights inadequacies in China’s health-care system.